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<Research>UBS Predicts Slower 3Q Rev. Growth for CN Telecoms but Stable DPS Outlook; Top Pick CHINA TELECOM
Recommend 41 Positive 90 Negative 39 |
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UBS has released a report predicting CHINA MOBILE (00941.HK)/ CHINA TELECOM (00728.HK)/ CHINA UNICOM (00762.HK) to see 3Q revenue YoY growth slow to 1.2%/ 2.7%/ 2%. The broker expected the net profits of the three companies to rise 4.9%/ 6.6%/ 9.4% respectively in 3Q. The broker also adjusted its full-year results forecasts for these three telecoms, believing they will maintain their dividend guidance, namely CHINA MOBILE's dividend payout ratio will rise from 71% last year to over 75% within three years starting this year, CHINA TELECOM's payout ratio will increase from 70% last year to over 75% within three years starting this year, and CHINA UNICOM will elevate its payout ratio from 55% last year to 60% by 2026. The broker selected CHINA TELECOM as its top pick among telecom stocks, with a TP premium based on its market share growth in the traditional telecom market and a more resilient enterprise business outlook. Stock│Investment Rating│TP CHINA TELECOM (00728.HK)│Buy│$5.7->$5.8 CHINA MOBILE (00941.HK)│Buy│$85->$87 CHINA UNICOM (00762.HK)│Buy│$7.5->$8 CHINA TOWER (00788.HK)│Neutral│$1.05 AAStocks Financial News |
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